Singapore's tax incentives have claimed yet another shipping company win with the dry bulk unit of Thailand's Thoresen Thai Agencies (TTA) moving its commercial front office from Bangkok to Singapore. Headcount will rise from two to seven, while its Bangkok back office keeps its 90-strong operations team.

The move was to gain better access to customers, most of which have regional head offices in Singapore, TTA says however the Maritime and Port Authority's Approved International Shipping Enterprise scheme, that gives tax exemptions on qualifying shipping income must have also played a big part in the decision.

The move also boosts Singapore's budding registry business. TTA's shipping arm, Thoresen Shipping has scrapped 12 ships in the past year and the remaining 15 carriers will also be re-flagged with the Singapore flag. Deliveries of two newbuild supramaxes are expected from Vinashin in March and July 2012. Further expansion is expected to come from the increasingly attractive S&P market, with management looking at about 10 vessels between five and eight years for fleet renewal.